Suncorp/FMS have provided the following information and tips when completing a transfer as vendor or purchaser with them. Please let us know in the comments if this is helpful, and if there is further information you'd like added.
Transfer - Sale (Mortgagee on Title)
How to initiate a Sale Request
- Please provide or advise the client to complete and send the completed Discharge Authority to Suncorp via email: Release.Authorities@suncorp.com.au
Note: Please advise your customers to contact their respective Suncorp banker/relationship person to initiate the Sale request. The Discharge Authority form must be completed in full and executed correctly
PEXA Invitation Request
- Please ensure the PEXA invitation is sent as early as possible or at least 15 days prior to settlement
- Settlement days set shorter than 15 days may impact settlement time
Preferred Settlement times: (AEST)
Suncorp Payout Process
- Final Payout Figures are confirmed on the morning of settlement by 10am.
- Please do not escalate unless final payouts are not in the PEXA workspace post 10am the day of settlement.
Surplus Funds
- Suncorp do not take surplus funds for PEXA transactions.
Transfer - Purchase (Incoming Mortgagee)
How to initiate a Purchase request:
To avoid settlement delays please ensure an invitation request has been sent as soon as possible or at least 15 days prior to settlement and all the relevant customer information is provided up front.
Information required on a PEXA invitation:
When sending an invitation please include as much information about the customer/transaction as possible and as a minimum include the following:
- Full name of the customer
- Address of property
- Application number/reference number
Note: Suncorp will accept all invitations by default and will request additional information via a conversation if a customer file cannot be located.
Preferred Settlement times: (AEST)
Transfer of Land (TOL)
- Please ensure the TOL document is prepared as soon as possible, preferably at the time of workspace creation, or at least 5 business days prior to settlement and must be satisfactory to progress to booking stage.
Total Funds Required for Settlement
PEXA Update December 2020: If a workspace is settling using the new Enhanced Settlement Summary (currently being rolled out via a phased deployment) TFRS will not be required. The alternative requirements are to agree funds due for settlement and select ready for shortfall or surplus. More details are available here: community.pexa.com.au/t5/Help-Centre/PEXA-s-Enhanced-Settlement-Summary/ba-p/20957 . Suncorp will be updating this checklist to reflect the new ESS process in early 2021.
Shortfall of Funds
- Shortfall position should be based on funds available vs funds required. Suncorp does not have the ability to direct debit the customer’s account for shortfall scenarios.
Day of Settlement
Please have your documents and your adjustments on the financial settlement schedule finalized and signed at least 4 hours before settlement.
- Any amendments made to the financial settlement schedule (post Suncorp or practitioner adjustments being signed off) will result in Suncorp needing to re-confirm loan proceeds available which could cause settlement delays.
